Introduction to the World Economy
Philip Leatherwood, Lecturer
Kazakhstan Institute of Management, Economics, and Strategic Planning
4 May, 2001
Evolution of the European Union
Types of Trade Agreements (From pages 12 and 13 of our reading)
Free Trade Area—agreement to remove all customs duties and quotas on trade between members.
Customs Union—free trade among members and a common level of tariffs on goods entering the union.
Common Market—free trade including free movement of the factors of production—labor, capital, and technology.
Economic Union—unification of fiscal and monetary policy and a common currency.
Last Quiz (4 points)
Write a short final exam—at least two different types of questions—multiple choice, true/false, essay, etc. Include questions you think are reflective of the best—most important--parts of the course. Also include one question on our reading for today (but not on the types of trade agreements, above).